Main Menu Practice Areas
Barbara L. Jouette, Attorney, P.C.
888-268-7997 / 214-385-4562

What to do about the house when divorcing

One of the hardest things you will have to do when divorcing is deciding who gets the house. Because it is such a high-value asset, a house can be the source of tremendous contention. And some people have an emotional attachment to their home and find the thought of giving it up quite upsetting. But typically, it is best to take a pragmatic approach when figuring out how the house will be handled in the final property settlement.

Perhaps the simplest solution is to sell the house. This way the profits can be part of the division process. But depending on the current value of the home, you could be facing paying a capital gains tax. Otherwise, the transaction should be straightforward.

If you should choose to keep the house for yourself, you and your ex will have to agree on a buyout price. You should get at least two appraisals to confirm the house's true value. And to complete the process, you will have to refinance the mortgage in your name. But before you finalize any such arrangement, you should go over your finances and be sure that you can afford the mortgage payments, taxes, insurance, and upkeep.

The decision you make regarding your house could have a profound effect on your financial future. So when you are considering what to do, you may want to seek the advice of a knowledgeable Texas divorce attorney. An attorney can help you assess all of the assets eligible for the division so you can act in your own best interests when seeking a fair settlement.

No Comments

Leave a comment
Comment Information